The sector is governed by the Insurance Regulation Law, Law No. 125 of 2019, as amended by Law No. 1 of 2024, and its Executive Regulations. That law replaced the 1961 regime and established the Insurance Regulatory Unit as the sole supervisor of insurers, reinsurers, brokers, agents, actuaries and loss adjusters. The market comprises conventional and Takaful operators writing life, health, property, motor, marine, engineering and liability business.
We act for insurers, reinsurers, brokers, agents and corporate policyholders. Our regulatory work covers licensing and authorisation, the approval of directors and key function holders, product filing and approval, solvency, reserving and reporting obligations, market conduct, and the structuring of an insurance or Takaful operation for entry into the Kuwaiti market, including whether a branch, a subsidiary or an agency is the right vehicle.
On the contractual side we draft and review policy wordings against what the Unit will approve and against how a Kuwaiti court will read them, together with reinsurance treaties and facultative placements, binding authorities, broker and distribution agreements, and claims handling arrangements. We advise on coverage questions as they arise, and act for insurers and for policyholders in coverage and quantum disputes, in subrogated recoveries and in proceedings against third parties.
We also advise on corporate transactions in the sector, including acquisitions, portfolio transfers and restructuring, and on the data protection and cybersecurity obligations applying to insurers holding personal information.